One can argue that one dimension of "Entrepreneurial Thinking" is being able to identify an unmet need as an opportunity and then act to address it. Whether that be for a commercial gain or not. To explore this further, one needs to understand what the opportunity is. What does opportunity mean? Opportunity The Oxford Dictionary defines opportunity (noun) as... a time or set of circumstances that makes it possible to do something. So if "Entrepreneurial Thinking" is being able to identify an opportunity, then it stands to reason an Entrepreneur can predict that the market is ready to use or consume their solution. Well... NO. Here's the thing. No one really can predict when a market will engage with your solution. It is still a guess. For example, there were many companies before Netflix; there were media players before Apple's iPod, My Space before Facebook, and so on. So why did Netflix succeed when others prior didn't? Was it just that internet speeds had become faster and browsers more sophisticated? So why did the iPod succeed when other media players had failed? Was it the concerns music producers had with Napster and how they migrated? So why did My Space fail when it already had a substantial user base? Was it the acquisition by Murdoch's News Corporation that led to its downfall. I will let others, judge. The forerunners were all, in essence, addressing an unmet need were they not? I am sure they all thought that timing was right for them.
About the Author
Adam Ryan is a Professor of Practice (Adjunct Professor) at Monash University and is a principal at Watkins Bay. He has over twenty years of start-up experience in Australia and the USA. An expert in company structuring for innovation, high growth strategy and capital for early to growth stage businesses.
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